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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
https://cdn.kscope.io/af5ff601851f66971b73946825de569a-ual-20200930_g1.jpg
Commission
File Number
Exact Name of Registrant as Specified in its Charter,
Principal Executive Office Address and Telephone Number
State of
Incorporation
I.R.S. Employer
Identification No.
001-06033United Airlines Holdings, Inc.Delaware36-2675207
233 South Wacker Drive,Chicago,Illinois60606
(872) 825-4000
001-10323United Airlines, Inc.Delaware74-2099724
233 South Wacker Drive, Chicago,Illinois60606
(872)825-4000
Securities registered pursuant to Section 12(b) of the Act
RegistrantTitle of Each ClassTrading SymbolName of Each Exchange on Which Registered
United Airlines Holdings, Inc.Common Stock, $0.01 par valueUALThe Nasdaq Stock Market LLC
United Airlines, Inc.NoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
United Airlines Holdings, Inc.YesNoUnited Airlines, Inc.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
United Airlines Holdings, Inc.YesNoUnited Airlines, Inc.YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
United Airlines Holdings, Inc.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
United Airlines, Inc.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
United Airlines Holdings, Inc.
United Airlines, Inc.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
United Airlines Holdings, Inc.YesNo
United Airlines, Inc.YesNo
The number of shares outstanding of each of the issuer's classes of common stock as of October 12, 2020 is shown below:
United Airlines Holdings, Inc. 290,990,973 shares of common stock ($0.01 par value)
United Airlines, Inc.  1,000 shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.)
OMISSION OF CERTAIN INFORMATION
This combined Quarterly Report on Form 10-Q is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc. United Airlines, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.



United Airlines Holdings, Inc.
United Airlines, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2020

Table of Contents
 
 Page



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share amounts)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Operating revenue: 
Passenger revenue$1,649 $10,481 $9,395 $29,692 
Cargo422 282 1,088 863 
Other operating revenue418 617 1,460 1,816 
Total operating revenue2,489 11,380 11,943 32,371 
Operating expense:
Salaries and related costs2,229 3,063 7,354 8,993 
Aircraft fuel508 2,296 2,474 6,704 
Regional capacity purchase425 721 1,550 2,124 
Landing fees and other rent500 645 1,552 1,893 
Depreciation and amortization626 575 1,859 1,682 
Aircraft maintenance materials and outside repairs115 490 659 1,319 
Distribution expenses53 432 379 1,234 
Aircraft rent50 67 147 221 
Special charges (credit)(1,081)27 (2,467)116 
Other operating expenses679 1,591 2,660 4,645 
Total operating expenses4,104 9,907 16,167 28,931 
Operating income (loss)(1,615)1,473 (4,224)3,440 
Nonoperating income (expense):
Interest expense(345)(191)(712)(570)
Interest capitalized16 22 54 65 
Interest income8 36 45 103 
Unrealized gains (losses) on investments, net15 21 (295)72 
Miscellaneous, net (411)(12)(1,317)(40)
Total nonoperating expense, net(717)(124)(2,225)(370)
Income (loss) before income taxes(2,332)1,349 (6,449)3,070 
Income tax expense (benefit)(491)325 (1,277)702 
Net income (loss)$(1,841)$1,024 $(5,172)$2,368 
Earnings (loss) per share, basic$(6.33)$4.01 $(18.91)$9.07 
Earnings (loss) per share, diluted$(6.33)$3.99 $(18.91)$9.04 


The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.


3

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income (loss)$(1,841)$1,024 $(5,172)$2,368 
Other comprehensive income (loss), net of tax:
Employee benefit plans250 304 (292)294 
Investments and other (1)1 5 
Total other comprehensive income (loss), net of tax250 303 (291)299 
Total comprehensive income (loss), net$(1,591)$1,327 $(5,463)$2,667 


The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.



4

UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 September 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$13,150 $2,762 
Short-term investments552 2,182 
Restricted cash76  
Receivables, less allowance for credit losses (2020 — $9; 2019 — $9)
1,171 1,364 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2020 — $483; 2019 — $425)
961 1,072 
Prepaid expenses and other566 814 
Total current assets16,476 8,194 
Operating property and equipment:
Flight equipment38,167 35,421 
Other property and equipment8,470 7,926 
Purchase deposits for flight equipment1,174 1,360 
Total operating property and equipment47,811 44,707 
Less — Accumulated depreciation and amortization(16,161)(14,537)
Total operating property and equipment, net31,650 30,170 
Operating lease right-of-use assets4,544 4,758 
Other assets:
Goodwill4,527 4,523 
Intangibles, less accumulated amortization (2020 — $1,481; 2019 — $1,440)
2,852 3,009 
Restricted cash172 106 
Notes receivable, less allowance for credit losses (2020 — $559)
144 671 
Investments in affiliates and other, net824 1,180 
Total other assets8,519 9,489 
Total assets$61,189 $52,611 
(continued on next page)

















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UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 September 30, 2020December 31, 2019
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Advance ticket sales$4,907 $4,819 
Accounts payable1,831 2,703 
Frequent flyer deferred revenue772 2,440 
Accrued salaries and benefits1,994 2,271 
Current maturities of long-term debt4,584 1,407 
Current maturities of finance leases136 46 
Current maturities of operating leases623 686 
Other944 566 
Total current liabilities15,791 14,938 
Long-term debt22,297 13,145 
Long-term obligations under finance leases278 220 
Long-term obligations under operating leases4,943 4,946 
Other liabilities and deferred credits:
Frequent flyer deferred revenue5,063 2,836 
Postretirement benefit liability1,012 789 
Pension liability2,282 1,446 
Deferred income taxes389 1,736 
Other financial liabilities from sale-leasebacks957  
Other1,174 1,024 
Total other liabilities and deferred credits10,877 7,831 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 290,990,454 and 251,216,381 shares at September 30, 2020 and December 31, 2019, respectively
3 3 
Additional capital invested7,383 6,129 
Retained earnings4,524 9,716 
Stock held in treasury, at cost(3,898)(3,599)
Accumulated other comprehensive loss(1,009)(718)
Total stockholders' equity7,003 11,531 
Total liabilities and stockholders' equity$61,189 $52,611 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.




6

UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
 Nine Months Ended
September 30,
 20202019
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities$(1,956)$5,728 
Cash Flows from Investing Activities:
Capital expenditures, net of returns of purchase deposits on flight equipment(1,630)(3,336)
Purchases of short-term and other investments(552)(2,168)
Proceeds from sale of short-term and other investments2,182 2,282 
Other, net10 (9)
Net cash provided by (used in) investing activities10 (3,231)
Cash Flows from Financing Activities:
Proceeds from issuance of debt13,024 1,109 
Proceeds from equity issuance1,135  
Payments of long-term debt(964)(726)
Repurchases of common stock(353)(1,431)
Principal payments under finance leases(53)(105)
Capitalized financing costs(294)(51)
Other, net(19)(29)
Net cash provided by (used in) financing activities12,476 (1,233)
Net increase in cash, cash equivalents and restricted cash10,530 1,264 
Cash, cash equivalents and restricted cash at beginning of the period2,868 1,799 
Cash, cash equivalents and restricted cash at end of the period (a)$13,398 $3,063 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$1,513 $314 
Right-of-use assets acquired through operating leases64 344 
Lease modifications and lease conversions503 36 

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Cash and cash equivalents$13,150 $2,959 
Restricted cash — Current76 4 
Restricted cash — Non-current172 100 
Total cash, cash equivalents and restricted cash $13,398 $3,063 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
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UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)
(In millions)
 Common
Stock
Additional
Capital Invested
Treasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
SharesAmount
Balance at June 30, 2020291.0 $3 $7,307 $(3,899)$6,365 $(1,259)$8,517 
Net loss— — — — (1,841)— (1,841)
Other comprehensive income— — — — — 250 250 
Stock settled share-based compensation— — 38 — — — 38 
Warrants issued— — 40 — — — 40 
Net treasury stock issued for share-based awards — (2)1  — (1)
Balance at September 30, 2020291.0 $3 $7,383 $(3,898)$4,524 $(1,009)$7,003 
Balance at December 31, 2019251.2 $3 $6,129 $(3,599)$9,716 $(718)$11,531 
Net loss— — — — (5,172)— (5,172)
Other comprehensive loss— — — — — (291)(291)
Stock settled share-based compensation— — 80 — — — 80 
Sale of common stock43.7 — 1,135 — — — 1,135 
Repurchases of common stock(4.4)— — (342)— — (342)
Net treasury stock issued for share-based awards0.5 — (58)43 (3)— (18)
Warrants issued— — 97 — — — 97 
Adoption of new accounting standard (a)— — — — (17)— (17)
Balance at September 30, 2020291.0 $3 $7,383 $(3,898)$4,524 $(1,009)$7,003 
Balance at June 30, 2019257.7 $3 $6,096 $(3,022)$8,050 $(807)$10,320 
Net income— — — — 1,024 — 1,024 
Other comprehensive income— — — — — 303 303 
Stock settled share-based compensation— — 18 — — — 18 
Repurchases of common stock(4.1)— — (363)— — (363)
Net treasury stock issued for share-based awards — (3)1 1 — (1)
Balance at September 30, 2019253.6 $3 $6,111 $(3,384)$9,075 $(504)$11,301 
Balance at December 31, 2018269.9 $3 $6,120 $(1,993)$6,715 $(803)$10,042 
Net income— — — — 2,368 — 2,368 
Other comprehensive income— — — — — 299 299 
Stock settled share-based compensation— — 49 — — — 49 
Repurchases of common stock(16.8)— — (1,426)— — (1,426)
Net treasury stock issued for share-based awards0.5 — (58)35 (8)— (31)
Balance at September 30, 2019253.6 $3 $6,111 $(3,384)$9,075 $(504)$11,301 

(a) Transition adjustment due to the adoption of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses. See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
8


UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Operating revenue: 
Passenger revenue$1,649 $10,481 $9,395 $29,692 
Cargo422 282 1,088 863 
Other operating revenue418 617 1,460 1,816 
Total operating revenue2,489 11,380 11,943 32,371 
Operating expense:
Salaries and related costs2,229 3,063 7,354